Originally Posted by Unregistered

My spouse and I hope to retire at 55. We are a middle class, average couple who lives in a fully paid up, three bedder, relatively new condominium unit located in a middle class district.

We will have about S$1m to spend from age 55 to 65. Returns from the S$1m and capital drawdown will last us nicely over 10 years. We plan to travel the world and enjoy the S$1m while we are still not so old and healthy. At age 65 onwards, we will get S$48k pa from our combined CPF Life.

When we are 65, we plan not to own a car as there is no need to own one since our condominium is well located and public transportation is easily accessible. Owning a car when in retirement is a big waste of money, we reckon. Our children works hard and they will earn a good living and accumulate their own wealth. We don't want to spoil them by leaving behind so much wealth. They are smart and will do well in life, just like we did.